The major cryptocurrency exchange Binance has decided to cancel the listing of FTX leveraged tokens from its platform, the reason explained by the exchange is that customers "don't understand" this product.
"Because a lot of our users don't understand how leverage tokens work, Binance decided to cancel all existing FTX leveraged tokens and corresponding trading pairs," the exchange said. in one notification on March 28.
Binance will stop depositing and withdrawing these assets on March 31 at 8 am, and stop trading at 10 am on the same day.
FTX assets are only listed on Binance
On March 11, Binance announced the listing of two FTX leveraged ERC20 tokens, called BNBBULL and BNBBEAR. Clients can trade these assets with USDT or BUSD - Binance's stablecoins.
Each token will represent a Long or Short position with 3x leverage in Binance Coin (BNB).
"Users can buy leveraged tokens just like regular tokens on the spot market," Binance said in a March 11 announcement. "However, it does not require them to manage collateral, collateral, liquidation prices, or anything that ordinary collateral users need to manage."
At the time of writing, Binance also has several other available bull and bear pairs, such as EOS, ETH and XRP, as well as the simple "Bull" and "Bear" options paired with USDT and BUSD.
Binance delisted all FTX leverage assets
According to the announcement, Binance plans to cancel "BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR." The cancellation of the exchange includes both USDT and BUSD pairs.
Binance's activity with FTX comes after the exchange giant invested in the cryptocurrency derivative platform in December 2019. Binance also acquired a stake in the platform's FTX token.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to CoinTelegraph
Translated by ToiYeuBitcoin